Thursday, June 5, 2014

Geithner's ‘Wall Of Money’

Matt Stoller, in his article “The Con‑Artist Wing of the Democratic Party,” attempts to follow Tim Geithner's attempt to explain why he did what he did... the bank bailout, unrestrained... in the supposed saving of the American economy with which he is credited and/or for which he is blamed. Stoller finds, unsurprisingly, that most people in America dislike Geithner, and his book, Stress Test: Reflections on Financial Crises, wins scant praise as well.

According to Geithner, the expression "wall of money" is a reference to some visible sign banks must use (e.g., stacks of paper money in bank windows) to reassure customers that the bank is solvent and they (the customers) need not participate in a bank run.

Of course, in a financial crisis, such a display is a con game, which means the Democratic Party has followed the GOP into blatant conning of Americans regarding their financial system. That doesn't exactly project confidence, does it?

(H/T DSWright at FDL.)

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